Defense Metals will also make an upfront payment to the McLeod Lake band to fund certain costs the band will incur in participating in review activities and support band members who seek post-secondary training in a mining-related field.
The McLeod Lake band has also agreed to participate in a non-brokered private placement by purchasing approximately 2.6 million common shares of Defense for C$0.26 per share for a total of C$665,026.
The Wicheeda deposit contains measured and indicated resources of 342 million tonnes grading 2.02% total rare earth oxides (TREO) and containing 699,000 tonnes of oxides. The inferred resource is 11.1 million tonnes at 1.02% TREO, containing 113,000 tonnes of oxides. A feasibility study is to begin later this year.
